Month: September 2023

How to buy Bitcoin in Dubai

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Dubai is a magnificent city to live and work in. But how can someone buy Bitcoin in Dubai? Is it legal to buy Bitcoin in Dubai? Is Dubai crypto-friendly?  Here’s a quick guide with the answers. The great news is that, yes, buying Bitcoin (BTC) in the United Arab Emirates is permitted, and the country is actually one of the most welcoming to cryptocurrency exchanges and investors. Is Dubai crypto-friendly? The thriving metropolis of Dubai in the UAE has long been deemed a crypto-friendly city. Some describe the UAE as…

BTC price tracks $26.5K as Bitcoin speculator supply hits 12-year low

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Bitcoin (BTC) stuck to $26,500 into the Sept. 24 weekly close as exchange trader accumulation continued. BTC/USD 1-hour chart. Source: TradingView Analysis: BTC price “not ready to make a move” Data from Cointelegraph Markets Pro and TradingView showed BTC price stability holding firm over the weekend. Bitcoin had delivered a cool end to the Wall Street trading week, having also shaken off macroeconomic volatility catalysts from the United States. With few cues appearing since, popular trader and analyst Credible Crypto eyed a slow build-up to a trend shift on the…

Couple mistakenly sent $10.5M by Crypto.com to face October plea hearing

The Melbourne couple who accidentally received 10.5 million Australian dollars (AUD), or almost $6.6 million, will be facing a plea trial in October for a theft charge after spending the funds that they received by mistake in 2021.  In May 2021, Thevamanogari Manivel transferred funds to her partner Jatinder Singh’s Crypto.com account. However, the exchange detected that the bank account did not match the exchange account. Therefore, a refund was issued, but instead of refunding the 100 AUD that the couple tried to put in, the exchange mistakenly sent 10.5…

Terra Classic community elects to cease USTC minting

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The Terra Classic community has voted in favor of ceasing all minting and reminting activities related to TerraClassic USD (USTC), with the objective of reestablishing a stable peg between USTC and the U.S. dollar. In a recent proposal, the community voted with 59% in favor of discontinuing the minting of USTC, while approximately 40% were opposed to the change. Terra Classic poll results. Source: Atom Scan The move aims to safeguard the interests of both the community and external investors by reducing the supply of USTC, thereby contributing to the…

FTX’s former external legal team disputes involvement in fraud allegations

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A law firm that previously provided services to the now-defunct cryptocurrency exchange FTX has refuted a class-action lawsuit brought against them claiming that it assisted in the exchange’s alleged fraudulent activities.  According to a Sept. 21 court filing, Fenwick & West, a United States law firm, denies all accusations of misconduct related to the provision of legal services during FTX operations: “It is black-letter law that an attorney cannot be held liable for conspiracy or aiding and abetting a client’s wrong “‘as long as [his] conduct falls within the scope…

Coinbase secures AML registration from the Bank of Spain

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Cryptocurrency exchange Coinbase has secured an Anti-Money Laundering (AML) compliance registration from Spain’s central bank, as part of its ongoing expansion across Europe. According to a Sept. 22 statement, the registration with the Bank of Spain now means that Spanish users will be able to retain custody of their crypto assets on Coinbase, as well as buy and sell crypto assets in Spain’s legal tender, the Euro. “This registration will allow Coinbase to offer our full suite of products and services to retail and institutional users in Spain, all in…

Ethereum network fees hit 2023 lows, on-chain activities rise

Ethereum network fees are currently at their lowest point in 2023. The Ethereum (ETH) blockchain witnessed a significant reduction in network fees, with users paying a mere $1.15 per transaction, Santiment data shows. The current decline in Ethereum’s transaction fees carries with it a historical pattern that bodes well for the network’s utility.  As transaction fees drop, Ethereum becomes a cheaper choice for users to interact with its versatile platform. This development holds the promise of boosting Ethereum’s overall market value. Lately, there has been a notable rise in the level…

Venezuela authorities seize Bitcoin mining machines

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Venezuelan security forces recently raided a criminal gang-controlled Tocorón prison and confiscated Bitcoin (BTC) mining machines, along with various weapons such as grenades, rocket launchers, and guns.  The Venezuelan government sent out over 11,000 soldiers and police to take back the Tocorón prison which served as the headquarters of the notorious Tren de Aragua gang. The development marked the first time that authorities would take action against the country’s most feared criminal group that extended its operations to neighboring countries.  According to reports, members of the feared gang were involved…

Binance.US scores against SEC, Mt. Gox delay repayments, and…

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Top Stories This Week SEC sees temporary setback in request to access Binance.US software The United States Securities and Exchange Commission has failed to win immediate access to Binance.US’s software, with the judge saying he isn’t “inclined to allow the inspection at this time.” The hearing was held on Sept. 18 to discuss the SEC’s motion to compel Binance to hand over detailed information and make its executives more available for depositions. In a hearing, Judge Faruqui said that he wasn’t “inclined to allow the inspection at this time.” Alternatively,…

Bitwise Withdraws Application, A Big Blow To Ethereum ETFs?

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In a recent development, asset manager Bitwise has withdrawn its application to transform its existing Bitcoin futures ETF (Bitwise Bitcoin Strategy Optimum Roll ETF) to one that invests in both Bitcoin and Ethereum futures contracts.  This has raised speculations about the reason for this decision and what it means for the Ethereum futures ETFs projected to launch in October. Why Bitwise Withdrew Its Application Reporting this development on his X (formerly Twitter) platform, Bloomberg Analyst James Seyffart stated that the asset manager has chosen to maintain only its Bitcoin exposure…